The IRS Form 1040EZ for married couples and for couples staying together without children is one of the simplest and most easiest of the three 1040 tax forms which the tax tax payers need to fill out when they are filing their federal income taxes.
This form is available to all those who have a taxable income which
- Who does not exceed $100,000 in income
- Who don’t have any dependents to claim on their taxes
- And who use the filing status “single” or “married filing jointly”.
Click below to download your 1040ez 2018 – v instructions tax Form from the IRS website and the IRS 1040ex form:
1040 EZ 2018 Tax Form
The form is a simple and easy one page in length. It only includes four small sections that you have to complete.
If you plan to file with IRS Form 1040EZ it is recommended that you use a free Tax calculator. This will allow you to prepare and file your federal taxes for free.
Components of the Form 1040EZ 2018-2019
At the start of this tax form, like all the other IRS tax forms out there, you will have to provide various personal information. Most of this will include, but not be limited to, your name, address, and social security number.
An important thing to keep in mind is that your status has to be “single” or “married filing jointly”. You will not be able to claim any dependents.
Sources of Income
The IRS tax form 1040EZ 2018 allows you to only report salaries, wages, tips, unemployment compensation, taxable interest that does not exceed $1,500 and Alaska permanent fund dividends.
If you have other income to report like alimony or dividends, you will not be able to file with this tax form. Instead, you will have to file your federal taxes via the Form 1040 or Form 1040A.
Once you have completed filling in your information, the form will combine all your allowable standard deductions and exemptions. You will then deduct this information from your gross income. The result is your taxable income.
Your taxable income is the final amount that you will have to pay taxes on.
Do keep in mind that when you file your federal tax return online, they automatically do the tax calculations for you. But you can also use tax calculators to anticipate your tax liability or tax refund.
IRS 1040ez Instructions
Payments, Credits & Tax
The next important section on IRS form 1040EZ is the payments, credits and tax section. This is the section where you put all of the tax payments you have made.
This is your employer withholding money from your earnings checks each payment period.
You will find this information on your W-2, which your employer will provide to you.
If you are eligible to make a claim for work pay tax credit or the earned income credit (E.I.C.), you can also claim that in this specific section of the form.
Unfortunately, these are the only 2 allowable tax credits when filing with this tax form.
After you have done that, you will have to total your payments and credits. After that you can move on to calculate how much tax is owed to you on your taxable income.
When you file your taxes online, all of the credits of yours will automatically be determined based on the answers that you give to their simple questions.
Calculating Refunds and Amounts Due
If you find your tax payments and credits are more than the total amount that you owe, you will receive a credit tax refund from the IRS.
You can use the online tax refund calculator here to see how you will receive.
To receive your money the quickest way is to enter your bank information and have it directly deposited. Incase you have a credit due and want to check when you will get the refund, you can check the tax refund schedule for 2016 here.
Incase you need money urgently, you can also avail of a Tax Refund Loan.
In the event, that you still owe taxes, you will have to pay the remaining amount with your tax return. Detailed instructions on how to go about doing so are on the tax form.
An Easy Way to File or Download Your 1040ez 2016 Form:
Download your form from the IRS website here 1040ez IRS 2016